I recently listed a two family at 3514 Connecticut that is a great property! As it is, it is a working 2 family
with a 1400 sq. ft 2 bedroom lower unit and a 1400 square foot 3 bedroom upper unit. The lower unit, which needs some sprucing up (paint and some updating) is rented to long term tenants and the upper unit is vacant.
With both units rented, this building can generate over $1500 a month in rents or it would be a great home for somebody who wanted to owner-occupy one of the units and rent the other.
To me though, the highest and best use of the property would be as a large single family home. If you look at comparable properties that have sold in this neighborhood, 2800 square feet homes are bringing up toward $240,000! My guesstimate would be that it would take about $40,000 to rehab and convert this property. At $159,900 that leaves almost $40,000 in sweat equity! Somebody handy could do it for a lot less!
If you're not familiar with the Grand South Grand area, it is one of the most unique neighborhoods in St. Louis. Featuring a wide variety of restaurants and shops and a close proximity to Tower Grove Park, Grand South Grand is very simply a cool place to hang out in and even a cooler place to live!
2800 square feet of space, great neighborhood, tons of woodwork and charm and the possibility of somebody else helping to make your house payment! What's not to love about this property?
For additional information about 3514 Connecticut, please feel free to visit our web site valuelistre.com or click on the link. If you would like to schedule a showing of the property, please feel free to call me
R.B. "Bob" Mitchell
ValueList Real Estate Services, Inc.
Bob Mitchell is president of ValueList Real Estate Services, St. Louis' largest discount/full-service real estate and mortgage company. If you would like to find out more about Bob, ValueList or our flat-fee listing program, please feel free to visit our web site at valuelistre.com
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